Corvus Pharmaceuticals (NASDAQ:CRVS) Announces Earnings Results, Misses Estimates By $0.01 EPS

Corvus Pharmaceuticals (NASDAQ:CRVS) issued its quarterly earnings results on Thursday. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.01), FiscalAI reports.

Corvus Pharmaceuticals Price Performance

NASDAQ CRVS traded up $0.96 on Friday, hitting $15.55. 980,529 shares of the company were exchanged, compared to its average volume of 1,343,632. Corvus Pharmaceuticals has a twelve month low of $3.38 and a twelve month high of $26.95. The firm has a market capitalization of $1.31 billion, a P/E ratio of -29.90 and a beta of 0.94. The company’s 50 day moving average price is $15.52 and its 200-day moving average price is $12.83.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Mizuho set a $30.00 price objective on shares of Corvus Pharmaceuticals in a research note on Thursday, January 29th. Oppenheimer reissued an “outperform” rating and set a $33.00 target price (up from $32.00) on shares of Corvus Pharmaceuticals in a research note on Friday, March 13th. HC Wainwright raised their target price on shares of Corvus Pharmaceuticals from $11.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Barclays lifted their price target on shares of Corvus Pharmaceuticals from $16.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th. Finally, The Goldman Sachs Group assumed coverage on Corvus Pharmaceuticals in a research report on Friday, April 17th. They set a “buy” rating and a $40.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.33.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CRVS. Geode Capital Management LLC lifted its position in shares of Corvus Pharmaceuticals by 130.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company’s stock valued at $5,448,000 after acquiring an additional 771,454 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Corvus Pharmaceuticals by 541.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 30,420 shares of the company’s stock valued at $122,000 after purchasing an additional 25,681 shares during the period. Rhumbline Advisers raised its stake in Corvus Pharmaceuticals by 9,501.8% during the 2nd quarter. Rhumbline Advisers now owns 75,950 shares of the company’s stock valued at $304,000 after purchasing an additional 75,159 shares during the period. Hsbc Holdings PLC purchased a new stake in shares of Corvus Pharmaceuticals in the second quarter valued at $332,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of Corvus Pharmaceuticals in the second quarter valued at $95,000. 46.64% of the stock is owned by hedge funds and other institutional investors.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation immuno-oncology therapies. The company’s research efforts are centered on harnessing both the innate and adaptive immune systems to counteract tumor-driven immunosuppression. By targeting key pathways that regulate immune cell function, Corvus aims to create novel agents that can be combined with existing cancer treatments to improve patient outcomes.

Corvus’s lead pipeline candidates include small-molecule and antibody therapies designed to inhibit the adenosine pathway, a known mediator of tumor immune escape.